The rupee trimmed its initial gains and was flat at 60.36 against the US currency in morning trade today on sustained dollar demand from banks and importers on the back of firmness of the American currency overseas.

It resumed higher at 60.30 per dollar as against the last closing level of 60.37 at the Interbank Foreign Exchange market.

Later, it declined to overnight level of 60.37 on heavy dollar demand from importers.

The domestic unit hovered in a range of 60.37—60.26 per dollar during morning trade.

In New York market, the US dollar rose against major rivals late yesterday after a better—than—expected reading on US industrial production in March suggested the economic recovery is strengthening.

Meanwhile, the benchmark 30—share Sensex was trading higher by 197.69 points, or 0.89 per cent, to 22,474.92 at 1040 hours.

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